Lee Scott looking forward to a very happy Christmas
Wal-Mart chalked up third quarter sales of US$68.5 billion (£36.97 billion) in the period ending October 31. Profit from continuing operations for the quarter was US$2.3 billion (£1.24 billion), 12.7 per cent up on the third quarter last year.

Chief executive Lee Scott said: 'I am pleased to report another record quarter of sales and earnings. The economy continues to improve and we are well positioned for the holidays. With the help of our associates, I look forward to another record quarter and a successful holiday season.'

However, the retailer's margins are understood to have shrunk in its domestic market as it copes with rising labour costs and utilities overheads.

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